You have most likely seen the catchy advertisements from auto insurance companies like Liberty Mutual, GEICO, and Progressive that make promises of dirt cheap rates, so drivers should just pick the one with the best commercial, right?
Unfortunately, it’s just not that easy, as there are a lot of unknown elements like whether you are single or married, whether you are female or male, and your driving record, that all help calculate your car insurance rates. We know insurance is not everyone’s favorite topic, but in this article we will cover the best ways to find cheap auto insurance and also should give you a good beginning to your quest for cheaper car insurance.
Determining which company has the lowest-priced car insurance rates for drivers over age 50 requires a little more sweat than just comparing rates from one or two companies. Every car insurance company has a unique formula to set their prices, so we need to take a look at the most affordable car insurance companies in Ohio.
Keep in mind that Ohio car insurance rates are calculated based on many things which can substantially decrease or increase the cost of coverage. Simply improving your credit, having a teenage driver, or getting a DUI can cause premium changes that can make some companies much cheaper than others.
Cheap Insurance Rates for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $647 |
| 2 | Allied | $676 |
| 3 | Erie | $681 |
| 4 | Frankenmuth | $701 |
| 5 | USAA | $719 |
| 6 | Travelers | $733 |
| 7 | Merchants Insurance Group | $755 |
| 8 | Cincinnati Insurance | $756 |
| 9 | General Casualty | $813 |
| 10 | Motorists Mutual | $816 |
| 11 | Grange Mutual | $836 |
| 12 | State Farm | $858 |
| 13 | Hastings Mutual | $866 |
| 14 | Central Mutual | $874 |
| 15 | Atlantic States | $904 |
| 16 | Westfield | $918 |
| 17 | Western Reserve | $941 |
| 18 | Auto-Owners | $958 |
| 19 | Progressive | $962 |
| 20 | American Family | $1,010 |
| Compare Rates Now Go | ||
Utica National generally has some of the cheapest car insurance rates in Toledo at around $647 a year. Allied, Erie, Frankenmuth, and USAA would also be considered some of the best Toledo, OH auto insurance companies.
In the above rates, if you currently buy coverage from Frankenmuth and switched to Allied, you might achieve an annual savings of upwards of $25. Policyholders with USAA might save as much as $43 a year, and Travelers insureds might realize rate reductions of up to $57 a year.
To find the cheapest coverage for you, click here to start a quote or click through to the companies below.
It’s important to note that these premium estimates are averaged across all types of insureds and vehicles and and are not calculated with a specific zip code for drivers over age 50. So the insurer that has the cheapest rates for you may not even be in the list above. That is why you need to get auto insurance quotes using your own driver data and vehicle information.
The type of vehicle you are buying coverage for is one of the main factors that determines if you can find cheap coverage for drivers over age 50. Vehicles with average performance, an excellent safety record, or a low likelihood of liability claims will cost less to insure than adrenaline junky models.
The next table outlines car insurance costs for a selection of the cheapest automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,245 |
| Hyundai Elantra GLS Touring Station Wagon | $1,254 |
| Honda CR-V EX 4WD | $1,273 |
| Ford F-150 STX Regular Cab 2WD | $1,370 |
| Toyota Prius | $1,377 |
| Dodge Grand Caravan SE | $1,397 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,404 |
| Ford Explorer Eddie Bauer 2WD | $1,397 |
| Chevrolet Impala LS | $1,445 |
| Ford Focus S 4-Dr Sedan | $1,453 |
| Honda Odyssey EX | $1,445 |
| Volkswagen Jetta 2.0T Station Wagon | $1,453 |
| Jeep Grand Cherokee Laredo 2WD | $1,473 |
| Chevrolet Silverado LS Extended Cab 4WD | $1,478 |
| Chevrolet Equinox LS 2WD | $1,473 |
| Chevrolet Malibu LS | $1,478 |
| Toyota RAV4 Sport 4WD | $1,473 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $1,501 |
| Toyota Camry SE | $1,549 |
| Toyota Corolla XLE | $1,556 |
| Ford Edge Sport AWD | $1,549 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,577 |
| GMC Sierra 2500HD SLE Extended Cab 4WD | $1,583 |
| Compare Rates Now Go | |
Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Premium amounts do not factor in specific location information which can influence prices substantially.
Looking at the numbers, we can infer that cars like the Ford Escape, Hyundai Elantra, Honda CR-V, Ford F-150, and Toyota Prius are going to be some of the most affordable vehicles to insure for older drivers.
Should you buy full coverage?
Reducing premiums for car insurance should be important to the majority of vehicle owners, and one of the easiest ways to lower the cost of insurance for drivers over age 50 is to not insure for full coverage. The illustration below shows the comparison of premium costs when comparing full coverage to liability only. The information is based on no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
If all age groups are averaged, comprehensive and collision coverage on your policy costs an extra $961 per year more than insuring for liability only. Many people question when is it safe to stop buying full coverage. There is no specific rule of when to eliminate comp and collision coverage, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
Safe drivers pay cheaper rates
The ideal way to maintain low car insurance premiums in Ohio for older drivers is to drive safe and have a clean driving record. The chart below demonstrates how speeding tickets and at-fault fender-benders can influence car insurance rates for different age groups. The price estimates are based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
In the previous chart, the average cost of car insurance per year with no accidents or violations is $921. Add in two speeding tickets and the average cost increases to $1,264, an increase of $343 each year. Now include two accidents along with the two speeding tickets and the annual cost of car insurance for drivers over age 50 goes up to an average of $2,602. That’s an increase of $1,681, or $140 per month, just for not being a responsible driver!
The importance of shopping around
Toledo, OH car insurance rates are determined by lots of factors that may substantially change your annual premium. Simply turning a year older, buying another vehicle, or getting a speeding ticket can trigger price changes resulting in some companies being more affordable than before.
Not only may your risk profile change, but insurers change premium rates every year in order to maintain liquidity for claims. Larger than normal claims may result in rate hikes, while better underwriting may cause lower-priced Toledo car insurance rates.
For instance, the bar chart below compares the cheapest car insurance in Toledo, OH for a 35-year-old female driver with a clean driving record, no accidents, and good financial standing. Based on her current rating profile, Utica National has the cheapest car insurance rates in Toledo at $803 a year. This is $237 less than the average premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA are also included in the cheapest Toledo, OH auto insurance companies.
Now we will pretend the driver from above a couple of claims, a lower credit score, and a speeding citation. Since each company has a different process to set policy rates, getting updated rate quotes most likely will result in a significantly different list of the cheapest companies as shown below.
Cincinnati Insurance now has the best price on car insurance in Toledo, OH with Merchants Insurance Group, Motorists Mutual, Grange Mutual, and General Casualty also having competitive pricing. This example shows why drivers need to do a thorough rate comparison when trying to find the most budget-friendly auto insurance rates for drivers over age 50. Auto insurance prices are influenced by many factors and change dramatically, so the cheapest company two years ago may now cost much more than other companies.
How to find more affordable auto insurance for drivers over age 50
Here are some of the recommended thrifty suggestions that can help you locate cheap coverage.
- Increase your policy deductibles
- Don’t waste money on full coverage for older vehicles
- Remain accident-free and save
- Avoid getting tickets or violations
- The safer your car, the less it costs to insure
- Increase your credit rating
- Compare rates regularly to ensure the best deal
The last suggestion is incredibly valuable, as we noted in this write-up. Auto insurance rates in Toledo change constantly, so you should be ready to change insurance companies if a cheaper rate is available.
Having brand loyalty is commendable, but it’s not a good idea if that inflexibility results in costing you hundreds of dollars year after year. In just a couple of minutes you could compare rates to find cheaper insurance for drivers over age 50.